Economics

The Faculty
Nathaniel Cline
Rafat Fazeli
Lorenzo Garbo
Dorene Isenberg
Nicholas Reksten
Nicholas Shunda

The Major
The major program in economics offers the following three degrees:

1. Bachelor of Arts in Economics
A course of study in Economics that emphasizes its interdisciplinary and political economic character, gives students the greatest freedom in choosing Economics electives, and is especially recommended to students interested in working in policy and/or the non-profit sector. In the capstone project that concludes the major, students are expected to integrate their studies in Economics with at least one course taken in other social sciences or humanities.

2. Bachelor of Science in Economics
A course of study in Economics that emphasizes its quantitative and political economic aspects (related field: Mathematics), and that is especially recommended to students who might be interested in pursuing graduate studies in Economics or working in policy and/or the non-profit sector.

3. Bachelor of Science in Financial Economics 
A course of study in Economics that emphasizes its financial and applied aspects (related fields: Accounting and Global Business), and that is especially recommended to students who might be interested in entering the business world in general and the financial sector in particular upon graduation.

Learning outcomes for the three degrees may be found at www.redlands.edu/BA-ECON/learning-outcomes.

Grade Requirements
In order to satisfy prerequisites for any economics course, the specified courses (whether in Economics or in other departments) must be passed with a grade of 2.0 or higher. Additional courses taken toward any one of the three Economics degrees described above or towards the minor in Economics (described below) must be passed with a grade of 1.7 or higher.

Quantitative Preparation 
Calculus is a prerequisite for ECON 350 Microeconomic Theory and ECON 351 Macroeconomic Theory courses required for all minors in Economics and majors in Economics and Financial Economics. Students satisfy this requirement by completing one of the following three options: MATH 121 Calculus I (4), or the sequence MATH 118 Integrated Calculus I (4) and MATH 119 Integrated Calculus II (4), or by being placed in MATH 122 Calculus II (4) or above in the placement test administered by the Mathematics department.

Core Economics Requirements for all Economics and Financial Economics Majors
All majors in Economics and Financial Economics must complete the following required courses:

(6 courses/ 22 credits)

Please note: students can choose between MATH 111 or POLI 202. Either should be taken prior to the junior year and preferably during the sophomore year. 

ECON 101 Principles of Economics (4 Credits)

Introduction to the study of economic systems from a micro and macro perspective. The course includes economic principles underlying the process of consumption, production, and distribution in a market-oriented economy (microeconomics), and the structure, operation, measures, and major theoretical models of the whole economy (macroeconomics).

MATH 111 Elementary Statistics with Applications (4 Credits)

Descriptive and inferential statistics for students from diverse fields. Distribution, correlation, probability, hypothesis testing, use of tables, and examination of the misuse of statistics and relation of statistics to vital aspects of life. Computer packages used as tools throughout the course.

POLI 202 Statistical Analysis and Mapping of Social Science Data (4 Credits)

Principles of hypothesis development and testing, strategies for making controlled comparisons, principles of statistical inference, and tests of statistical significance. Development and testing of important research questions using such prominent data sets as the General Social Survey and the National Election Series.

ECON 310 Research Methods in Economics (2 Credits)

Fundamentals of the research process in economics, including specification of research questions. Identification and use of sources, statements, and claims, and communication of the results of a research project. Introduction and comparison of the range of economic methodologies. 
Prerequisites: ECON 101, MATH 111, or POLI 202, and junior standing or by permission. 
Numeric and Evaluation grade only. 

ECON 350 Microeconomic Theory (4 Credits)

Theory of the household, the firm, and the market. The logic of market decision-making, resource allocation, and efficiency questions. 
Prerequisites: ECON 101, and MATH 121 (or MATH 118 and MATH 119), or by permission.

ECON 351 Macroeconomic Theory (4 Credits)

The use of theoretical tools to explain the level and changes in aggregate income, employment, and price level; classical, Keynesian, and new classical approaches; application of theory to problems of national economic policy.
Prerequisites: ECON 101, MATH 111, or POLI 202, and MATH 121 (or MATH 118 and MATH 119) or by permission.

ECON 465 Senior Seminar in Economics (4 Credits)

Independent student research on one or more economic problems. Discussion, debate, and critical analysis of a variety of topics in a seminar setting. Open to majors only. 
Prerequisites: six courses in economics, including ECON 350 and ECON 351 or by permission.

Bachelor of Arts in Economics 
In addition to the Core Economics Requirements listed above, candidates for the Bachelor of Arts degree must also complete the following 5 courses:

Requirements (5 courses/ 20 credits)

Please note: students may take either of the two courses. 

ECON 304 Economic History (4 Credits)

Broad themes in global economic history. Topics include pre-capitalistic economic society, the rise of capitalism, causes and consequences of the industrial revolution, and the divergence in the long-run growth experience of countries. 
Prerequisite: ECON 101 or by permission.

ECON 307 History of Economic Though (4 Credits)

Economic doctrines throughout the Western evolution of economic ideas. Historiographical discussion of major analytical discoveries, with particular emphasis on the conditions that led to the separation of economics from moral philosophy, and on the contributions by Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. 
Prerequisite: ECON 101 or by permission.

Electives (4 courses/ 15 – 16 credits)
At least four elective courses in Economics (15 - 16 credits) at the 200-level or higher. At most two of these may be at the 200-level. At most one elective may be a course offered by another program and cross-listed with Economics. May Term courses (3 credits) in Economics or courses offered by another program and cross-listed with Economics qualify as elective courses.

Bachelor of Science in Economics
In addition to the Core Economics Requirements courses listed above, candidates for the Bachelor of Science degree must also complete the following 10 courses:

Requirements (3 courses/ 12 credits)

Please note: students may choose between ECON 304 or ECON 307.

ECON 304 Economic History (4 Credits)

Broad themes in global economic history. Topics include pre-capitalistic economic society, the rise of capitalism, causes and consequences of the industrial revolution, and the divergence in the long-run growth experience of countries. 
Prerequisite: ECON 101 or by permission.

ECON 307 History of Economic Though (4 Credits)

Economic doctrines throughout the Western evolution of economic ideas. Historiographical discussion of major analytical discoveries, with particular emphasis on the conditions that led to the separation of economics from moral philosophy, and on the contributions by Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. 
Prerequisite: ECON 101 or by permission.

ECON 400 Introduction to Econometrics (4 Credits)

Application of descriptive and inferential statistics to the measurement and testing of various economic models. Diagnosis and correction of various problems with empirical research: specification errors, multicollinearity, heteroskedasticity, serial correlation, and simultaneity. Statistical software used to implement estimation techniques. 
Prerequisites: ECON 350, MATH 111 or POLI 202 or by permission. 

ECON 401 Mathematical Economics (4 Credits)

Introduction to mathematical methods in economics. Topics include matrices, linear algebra, systems of equations; univariate and multivariate differential calculus; comparative statistics, Taylor series approximations, unconstrained and constrained optimization; integral calculus; differential and difference equations. 
Prerequisite: ECON 350 or by permission. 
Offered in alternate years.

Electives (3 courses/ 11–12 credits)
Three elective courses in Economics at the 200-level or higher. At most one of these may be at the 200-level. At most one elective may be a course offered by another program and cross-listed with Economics. May Term courses (3 credits) in Economics or courses offered by another program and cross-listed with Economics qualify as elective courses. With advisor approval, a MATH course may be substituted as an elective course.

Mathematics (4 courses at least/ 16-20 credits)

Please note: students may take MATH 121 or MATH 118 and MATH 119. Students choose at least one from the following: MATH 231, MATH 235, MATH 241, MATH 311, or MATH 321. Students can also choose a fourth Mathematics course of their either choice for 4 credits.

MATH 121 Calculus I (4 Credits)

Functions and their graphs; successive approximation and limits; local linearity and differentiation; applications of differentiation to graphing and optimization; and the definite integral, antiderivatives, and differential equations. 
Prerequisite: Permission based on Mathematics Placement Exam. 

MATH 118 Integrated Calculus I (4 Credits)

For students whose programs require calculus but who, based on their background and placement examination scores, are not prepared for MATH 121. Topics from precalculus include properties of linear, rational, exponential, logarithmic, and trigonometric functions; and compositions, transformations, and inverses of these functions. Calculus topics include successive approximation and limits of functions; local linearity and differentiation; applications of differentiation to graphing and optimization; and the definite integral, antiderivatives, and differential equations. 
Prerequisite for 118: MATH 002L, placement exam, or by permission.

MATH 119 Integrated Calculus II (4 Credits)

For students whose programs require calculus but who, based on their background and placement examination scores, are not prepared for MATH 121. Topics from precalculus include properties of linear, rational, exponential, logarithmic, and trigonometric functions; and compositions, transformations, and inverses of these functions. Calculus topics include successive approximation and limits of functions; local linearity and differentiation; applications of differentiation to graphing and optimization; and the definite integral, antiderivatives, and differential equations. 
Prerequisite for 118: MATH 002L, placement exam, or by permission.

MATH 122 Calculus II (4 Credits)

Riemann sums and the definite integral; techniques of integration and application of integrals; introduction to differential equation; sequences and series. 
Prerequisite: MATH 121 or MATH 119 or by permission.

MATH 231 Introduction to Modeling (4 Credits)

Investigation of the process of modeling. Special emphasis placed on how to build, test, and refine models; how to analyze assumptions and results; and defining model limitations. Deterministic and stochastic models, rate equations and population dynamics, and statistical analysis. Final project tied to outside interests. 
Prerequisite: MATH 119 or MATH 121 or MATH 122 or MATH 221 or by permission.
Cross-listed with EVST.

MATH 235 Differential Equations (4 Credits)

Differential equations theory and applications. First-order linear and nonlinear differential equations with analytic and numerical techniques. Higher-order linear differential equations and complex algebra. Phase trajectory and stability analysis. Systems of linear differential equations with constant coefficients. Matrix methods, Gauss-Jordan, and iterative techniques. 
Prerequisite: MATH 221.

MATH 241 Linear Algebra (4 Credits)

Study of vector spaces. Topics include systems of linear equations, matrices, the geometry of vectors, vector spaces, linear transformations, eigenvalues and eigenvectors, determinants, and selected applications. 
Prerequisite: MATH 221.

MATH 311 Probability (4 Credits)

Introduction to the theory of probability with applications in management science and the physical and social sciences. Topics include combinatorial probability, densities, mathematical expectation, moment-generating functions, and the central limit theorem. 
Prerequisite: MATH 221.

MATH 321 Real Analysis (4 Credits)

Rigorous approach to the concepts underlying the calculus, building on the fundamental idea of the limit within the real number system. Topics include metric spaces, continuity, the derivative, the Riemann integral, and series of constants and functions. 
Prerequisites: MATH 201 or MATH 204, MATH 221, and MATH 241, and junior standing or by permission.

Bachelor of Science in Financial Economics
In addition to the Core Economics Requirements listed above, candidates for the Bachelor of Science in Economics must also complete the following eleven additional courses:

Requirements (11 courses/ 44 credits)

5 courses in Economics (20 credits)

ECON 430 Financial Systems (4 Credits)

The creation of money and other financial assets is analyzed in the context of their use and distribution in different periods of capitalism. Emphasis is on the role of the financial sector in producing strong stable economic activity or as a source of instability.
Prerequisites: ECON 350, ECON 351, and ECON 310. 
Offered in alternate years. 
Numeric and Evaluation grade only. 

ECON 400 Introduction to Econometrics (4 Credits)

Application of descriptive and inferential statistics to the measurement and testing of various economic models. Diagnosis and correction of various problems with empirical research: specification errors, multicollinearity, heteroskedasticity, serial correlation, and simultaneity. Statistical software used to implement estimation techniques. 
Prerequisites: ECON 350, MATH 111 or POLI 202 or by permission. 

ECON 424 International Economics (4 Credits)

Theoretical analysis of international trade and finance. Models of comparative advantage and analysis of commercial policy (tariffs, subsidies, quotas, government procurement, and regulation). History and functions of the world financial system. Analysis of exchange rates and exchange rate regimes. Balance of payments analysis, and short-run/long-run macroeconomic models in open economy. 
Prerequisites: ECON 350 and ECON 351 or by permission.
Offered in alternate years.
Numeric and Evaluation grade only.  

ECON 230 Does Money Make the World Go Round? A Look at Money in Capitalism (4 Credits)

The role of the financial sector in producing strong stable economic activity or as a source of instability is analyzed. Emphasis is on financial structure, institutions, regulation, and the role of monetary policy. 
Prerequisites: ECON 100 or ECON 101 or by permission.
Offered in alternate years.

ECON 452 Industrial Organization and Public Policy (4 Credits)

Analysis of the various ways that firms in the imperfectly competitive industries seek to compete or to gain and maintain market power. Topics include theory of the firm, price discrimination, quality discrimination, advertising, product differentiation, entry deterrence, cartelization and the social welfare implications of firm behavior and industrial structure. 
Prerequisite: ECON 350 or by permission.
Offered in alternate years.

6 courses 23 credits in Accounting/Global Business

Please note: students will choose one course from ACCT 330, ACCT 410, or ACCT 440.

ACCT 210 Principles of Financial Accounting and Reporting (4 Credits)

Financial accounting and reporting concepts and procedures that provide a history of economic activity, resources, obligations. Emphasis is on preparing and using financial information at an enterprise level. 
Prerequisites: ECON 101.

ACCT 310 Intermediate Financial Reporting for Operations (4 Credits)

Intermediate Accounting for Operations focuses on a firm’s basic revenue-generating activities. Students will learn how providing sales and service, granting customer credit, collecting cash, producing, innovating, incurring and paying expenses, acquiring and using long-term assets, are represented in each of the four financial statements and accompanying disclosures. 
Prerequisites: ACCT 210.

ACCT 320 Intermediate Financial Reporting for Financial Transactions (4 Credits)

Examines transactions in which a firm secures or re-balances its financing (debt and/or equity). Emphasis will be placed on how choice of financing affects firm value and risk, and how financial statements, with accompanying footnote disclosures, represent the implications of those choices. 
Prerequisite to ACCT 310. 

GLB 354 Investments (4 Credits)

The course examines investment analysis and portfolio management through the study of the nature and functioning of securities markets, alternative investment opportunities, valuation of stock, fixed income securities, derivative securities.
Prerequisite: GLB 353 or ACCT 310 or by permission. Not open to students who have received credit for BUS 353.

GLB 421 Corporate Finance (4 Credits)

This course studies financial management in the corporate setting at an advanced level. Topics include the firm’s investment and financing decisions, capital budgeting analysis, investment analysis under uncertainty, the cost of capital, capital structure theory, dividend policy, and other current topics in finance.
Prerequisite: GLB 353 or ACCT 310 or by permission. Not open to students who have received credit for BUS 421.

ACCT 330 Intermediate Financial Reporting for Investing Transactions (4 Credits)

Intermediate Accounting for Investing Transactions focuses on the acquisition and divestiture of long-term productive assets; investments in the debt, equity or operations of another company; risk management through the use of derivatives; foreign currency and tax effects on strategic decisions. Students will learn how these transactions are represented in each of the four financial statements and accompanying disclosures.  
Prerequisites: ACCT 310.
Recommended: ACCT 320. 

ACCT 410 Auditing (4 Credits)

Examination of the responsibilities of independent and internal auditors. Emphasis is on the decision process, including audit standards, internal controls, audit objectives and evidence, sampling theory, and reporting audit conclusions. 
Prerequisite: ACCT 310 or by permission.

 

ACCT 440 Financial Statement Analysis (4 Credits)

Financial statements are used in the context of making investment and financial decisions. Emphasis on using business strategy and economic environment to forecast financial statements (income, cash flow, balance sheet), assess risk, evaluate effectiveness of financial and operating leverage, and estimate intrinsic value of a firm and its equity. 
Prerequisites: ACCT 310, senior standing, or by permission. 
Recommended: ACCT 320 and ACCT 330. 

The Minor
Students who elect a minor in Economics must complete the following 6 economics courses.

6 courses/ 22-24 credits

Please note: students may choose between MATH 111 or POLI 202 and should be taken prior to the junior year and preferably during the sophomore year. Students take at least 2 elective courses in Economics at the 200-level or higher (no more than 1 course at the 200-level) (ECON 310 Research Methods in Economics (2) does not count toward the minor). Either ECON 304 Economic History (4) or ECON 307 History of Economic Thought (4) is strongly recommended. May Term courses (3 credits) in Economics or courses cross-listed with Economics qualify as electives.

ECON 101 Principles of Economics (4 Credits)

Introduction to the study of economic systems from a micro and macro perspective. The course includes economic principles underlying the process of consumption, production, and distribution in a market-oriented economy (microeconomics), and the structure, operation, measures, and major theoretical models of the whole economy (macroeconomics).

MATH 111 Elementary Statistics with Applications (4 Credits)

Descriptive and inferential statistics for students from diverse fields. Distribution, correlation, probability, hypothesis testing, use of tables, and examination of the misuse of statistics and relation of statistics to vital aspects of life. Computer packages used as tools throughout the course.

POLI 202 Statistical Analysis and Mapping of Social Science Data (4 Credits)

Principles of hypothesis development and testing, strategies for making controlled comparisons, principles of statistical inference, and tests of statistical significance. Development and testing of important research questions using such prominent data sets as the General Social Survey and the National Election Series.

ECON 351 Macroeconomic Theory (4 Credits)

The use of theoretical tools to explain the level and changes in aggregate income, employment, and price level; classical, Keynesian, and new classical approaches; application of theory to problems of national economic policy.
Prerequisites: ECON 101, MATH 111, or POLI 202, and MATH 121 (or MATH 118 and MATH 119) or by permission.

ECON 350 Microeconomic Theory (4 Credits)

Theory of the household, the firm, and the market. The logic of market decision-making, resource allocation, and efficiency questions. 
Prerequisites: ECON 101, and MATH 121 (or MATH 118 and MATH 119), or by permission.

Advanced Placement in Economics

  • Students who receive a score of four or higher in macroeconomics and microeconomics exams receive 4 credits for ECON 101 Principles of Economics.

The department also accepts these scores to fulfill the ECON 101 prerequisites for economics electives and to fulfill the ECON 101 requirement for the majors in Economics and Financial Economics and the minor in Economics.  

Departmental Honors
A departmental honors program is available for exceptionally able and well-motivated students. Interested students should inquire about requirements and the application process with their Economics advisor and/or department chair during the Spring semester of their junior year. Admission to the program requires an affirmative vote of all Economics faculty and must be completed within the first month of the senior year.

Internships
Students are encouraged to pursue internships to complement their academic work at the University. Students may earn 3 to 14 credits for participating in internships that are closely related to their courses of study, but a maximum of 4 credits may count toward fulfilling the requirements of any of the degrees in economics; students must obtain departmental sponsorship before the internship begins.

Course Descriptions (ECON)

ECON 100 Economics and Society (4 Credits)

The course provides an analytical, non-technical introduction to the study of socioeconomic issues from a variety of political and economic perspectives. It explores the structure of fundamental dynamics of a market economy, interactions between individuals, markets, and government institutions, economic aspects of social issues, and moral dimensions of economic processes.

ECON 101 Principles of Economics (4 Credits)

Introduction to the study of economic systems from a micro and macro perspective. The course includes economic principles underlying the process of consumption, production, and distribution in a market-oriented economy (microeconomics), and the structure, operation, measures, and major theoretical models of the whole economy (macroeconomics).

ECON 202 Game Theory (4 Credits)

Application of the analytical tools of mathematics and probability to the study of behavior in strategic interactions. Topics include simultaneous move games, pure versus mixed strategies, Nash equilibrium, sequential-move games, subgame perfection, repeated games, and evolutionary games. Applications include pricing, advertising, cooperation, bargaining, and conflict.
Prerequisite: ECON 100 or ECON 101 or by permission. 
Offered in alternate years.

ECON 205 Ecological Economics (4 Credits)

The course explores the relationship between the ecological system and economic sub-systems. Topics of the course include the economics of entropy, throughput, alternative notions of environmental sustainability, ecological impacts of technological change, limits to economic growth, and analysis of policies to promote sustainability. 
Prerequisite: ECON 100 or ECON 101 or by permission. 
Offered in alternate years.

ECON 212 Political Economy (4 Credits)

Analysis of the interactions among various dimensions of social formations such as the economy, the state, class structures, and ideology, with a specific emphasis on heterodox economic paradigms which may include feminist, humanistic, institutionalist, Marxist, and post-Keynesian approaches to economic theory and policy. 
Prerequisite: ECON 100 or ECON 101 or by permission. 
Offered as needed.
Numeric and Evaluation grade only.

ECON 221 Economics of Development (4 Credits)

Development theories grounded in the development patterns of Western and Eastern Europe, North America, Latin America, Australia, and Southeastern Asia. Issues of development and income distribution, population growth, and countries’ cultural and economic openness. Comparison of development and growth theory. 
Prerequisites: ECON 100 or ECON 101 or by permission.
Offered in alternate years.

ECON 222 International Political Economy (4 Credits)

Study of the dialogue between scholarship and practice in economics and political science on the three broad topics: the political economy of international trade, international financial relations, and development. The primary focus is on the reciprocal interactions among markets, social forces, and political objectives that shape the international political-economic system.
Prerequisite: ECON 100 or ECON 101, or by permission. 
Offered in alternate years. 

ECON 230 Does Money Make the World Go Round? A Look at Money in Capitalism (4 Credits)

The role of the financial sector in producing strong stable economic activity or as a source of instability is analyzed. Emphasis is on financial structure, institutions, regulation, and the role of monetary policy. 
Prerequisites: ECON 100 or ECON 101 or by permission.
Offered in alternate years.

ECON 240 Economics of Race, Class, and Gender (4 Credits)

The economic position of women and minorities in society. Racial and sexual discrimination, women’s labor force participation, occupational segregation, domestic work, immigration of workers, and racial marginalization in market economies. Mediating influences such as education, spatial forces, and institutional and public policies. Gender/race relations in industrial/Third World countries.
Prerequisites: ECON 100 or ECON 101 or by permission. 
Offered in alternate years. 

ECON 254 Economics of the Public Sector (4 Credits)

This course looks at the economics of public expenditure and public revenue. Public expenditure: allocative role of federal, state, and local governments; social choice, provision of public goods and public policy to correct diseconomies such as pollution. Public revenue: Alternative forms of taxation and their impact on economic efficiency, equity, and growth.
Prerequisite: ECON 100 or ECON 101 or by permission. 
Offered in alternate years.

ECON 304 Economic History (4 Credits)

Broad themes in global economic history. Topics include pre-capitalistic economic society, the rise of capitalism, causes and consequences of the industrial revolution, and the divergence in the long-run growth experience of countries. 
Prerequisite: ECON 101 or by permission.

ECON 307 History of Economic Though (4 Credits)

Economic doctrines throughout the Western evolution of economic ideas. Historiographical discussion of major analytical discoveries, with particular emphasis on the conditions that led to the separation of economics from moral philosophy, and on the contributions by Adam Smith, John Stuart Mill, Karl Marx and Alfred Marshall. 
Prerequisite: ECON 101 or by permission.

ECON 310 Research Methods in Economics (2 Credits)

Fundamentals of the research process in economics, including specification of research questions. Identification and use of sources, statements, and claims, and communication of the results of a research project. Introduction and comparison of the range of economic methodologies. 
Prerequisites: ECON 101, MATH 111, or POLI 202, and junior standing or by permission. 
Numeric and Evaluation grade only. 

ECON 350 Microeconomic Theory (4 Credits)

Theory of the household, the firm, and the market. The logic of market decision-making, resource allocation, and efficiency questions. 
Prerequisites: ECON 101, and MATH 121 (or MATH 118 and MATH 119), or by permission.

ECON 351 Macroeconomic Theory (4 Credits)

The use of theoretical tools to explain the level and changes in aggregate income, employment, and price level; classical, Keynesian, and new classical approaches; application of theory to problems of national economic policy.
Prerequisites: ECON 101, MATH 111, or POLI 202, and MATH 121 (or MATH 118 and MATH 119) or by permission.

ECON 400 Introduction to Econometrics (4 Credits)

Application of descriptive and inferential statistics to the measurement and testing of various economic models. Diagnosis and correction of various problems with empirical research: specification errors, multicollinearity, heteroskedasticity, serial correlation, and simultaneity. Statistical software used to implement estimation techniques. 
Prerequisites: ECON 350, MATH 111 or POLI 202 or by permission. 

ECON 401 Mathematical Economics (4 Credits)

Introduction to mathematical methods in economics. Topics include matrices, linear algebra, systems of equations; univariate and multivariate differential calculus; comparative statistics, Taylor series approximations, unconstrained and constrained optimization; integral calculus; differential and difference equations. 
Prerequisite: ECON 350 or by permission. 
Offered in alternate years.

ECON 424 International Economics (4 Credits)

Theoretical analysis of international trade and finance. Models of comparative advantage and analysis of commercial policy (tariffs, subsidies, quotas, government procurement, and regulation). History and functions of the world financial system. Analysis of exchange rates and exchange rate regimes. Balance of payments analysis, and short-run/long-run macroeconomic models in open economy. 
Prerequisites: ECON 350 and ECON 351 or by permission.
Offered in alternate years.
Numeric and Evaluation grade only.  

ECON 430 Financial Systems (4 Credits)

The creation of money and other financial assets is analyzed in the context of their use and distribution in different periods of capitalism. Emphasis is on the role of the financial sector in producing strong stable economic activity or as a source of instability.
Prerequisites: ECON 350, ECON 351, and ECON 310. 
Offered in alternate years. 
Numeric and Evaluation grade only. 

ECON 452 Industrial Organization and Public Policy (4 Credits)

Analysis of the various ways that firms in the imperfectly competitive industries seek to compete or to gain and maintain market power. Topics include theory of the firm, price discrimination, quality discrimination, advertising, product differentiation, entry deterrence, cartelization and the social welfare implications of firm behavior and industrial structure. 
Prerequisite: ECON 350 or by permission.
Offered in alternate years.

ECON 453 Economics of Labor (4 Credits)

Development and utilization of human resources: wage determination, labor force participation, employment patterns, the role of labor organizations, human capital theories, manpower policies and programs. 
Prerequisites: ECON 350 or by permission. 
Recommended: ECON 351. 
Offered in alternate years.

ECON 455 Environmental and Resource Economics (4 Credits)

Overview of the theory and management of natural resource use and environmental policy. Topics include the control of air and water pollution, solid waste management, and recycling, forestry, curbing suburban sprawl, water management, and mitigation of climate change. Issues addressed from both theoretical and empirical perspectives. 
Prerequisite: ECON 350 or by permission. 
Recommended: ECON 351. 
Offered in alternate years.

ECON 460 Advanced Topics in Economics (4 Credits)

Continuation of a specific 300- or 400-level course in economics, allowing students to pursue topics beyond one semester. 
Prerequisite: by permission only. 
Offered in alternate years. 
Numeric and Evaluation grade only.

ECON 465 Senior Seminar in Economics (4 Credits)

Independent student research on one or more economic problems. Discussion, debate, and critical analysis of a variety of topics in a seminar setting. Open to majors only. 
Prerequisites: six courses in economics, including ECON 350 and ECON 351 or by permission.